The Saudi Advanced Petrochemical Company recorded a 4% decline in profits for the first quarter of 2022, to reach 164 million riyals, compared to 171 million riyals, in the first quarter of 2021.< /p>
According to Arabiya Net, the company's profits increased by 3.8% compared to the profits of the previous quarter, which amounted to 158 million riyals.
Advanced achieved total profits in the first quarter of 2022 amounting to 211 million riyals, a growth of 5.5%.
The company stated that the net profit decreased by 4% compared to the first quarter of 2021 due to an increase in the prices of propane and propylene purchased from external sources by 40% and 27%, respectively. And a decrease in the share of profits from investing in SK Advanced by 30 million riyals.
External shipping fees increased by 188%, while sales increased by 35%.
The reason for the increase in net profit during the current quarter compared to the previous quarter is a decrease in propane prices by 9%, an increase in the amount of sales by 7%, and a decrease in the share of losses from Investment in SK Advanced Company with an amount of 11 million riyals.
The applicant stated that the increase in sales came despite the decrease in the average selling price of products by 10%, and the average purchase price of propylene from external sources by 14%.
